Techs, Banks Lead Early Gains 03/19 09:57
U.S. stocks edged higher in early trading on Wall Street Tuesday as the
market extended a winning streak well into a second week.
(AP) -- U.S. stocks edged higher in early trading on Wall Street Tuesday as
the market extended a winning streak well into a second week.
Technology companies, retailers and banks posted some of the biggest gains.
Chipmakers were among the biggest winners in the early going. Advanced Micro
Devices jumped 5.6 percent, and Nvidia climbed 3.9 percent. JPMorgan rose 1.1
Energy stocks, including Exxon Mobil, continued their year-long rise as
crude prices neared $60 per barrel.
Utility and consumer goods companies lagged the market, a sign that
investors are confident and feel the market has more room to grow. Investors
tend to favor high-dividend, slow-growth stocks like those when they're fearful
of market turbulence.
The broader market broke out of a short slump last week and has been gaining
since then. It marks a turnaround from a terrifying drop in December, and now
every major U.S. index is up more than 10 percent for the year.
A major focal point of the week for investors is the outcome of the Federal
Reserve's meeting on Wednesday. The central bank has signaled that it is
backing down from raising rates quickly.
KEEPING SCORE: The Dow Jones Industrial Average rose 122 points, or 0.5
percent, to 26,037 as of 10:28 a.m. The S&P 500 index rose 0.3 percent and the
Nasdaq composite rose 0.2 percent.
CRAFTY MOVEMENT: Michaels jumped 13.7 percent as investors rewarded a
better-than-expected fourth quarter and overlooked a weak forecast. The arts
and crafts retailer has been reassessing its operations, moving to expand its
children's offerings and shuttering its Pat Catan craft stores.
The company also changed leadership earlier this month, with CEO Chuck Rubin
stepping down and longtime retail executive Mark Cosby taking over as interim
BROKEN LACE: DSW fell 14 percent after the footwear retailer surprised
investors with a loss during the fourth quarter. The company swung to a loss of
7 cents per share, while Wall Street anticipated 4 cents per share in profit.
Expenses jumped during the quarter and DSW had to deal with a hefty charge.